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Nifty ends above 8100, Sensex gains 65 pts; Cipla up 6%

The market ended a volatile session on a higher note. The Nifty managed to end above 8100, up 19.80 points at 8105.50 while the Sensex was up 65.17 points at 27061.04.

Snapping a three-day losing trend, Sensex today rose 65 points to reclaim 27,000-mark and Nifty gained 20 points to end above 8,100-level led by jump in Cipla, ITC, HDFC shares ahead of industrial output and retail inflation data releases.

The BSE 30-share barometer resumed higher and moved side-ways in a range of over 100 points before ending at 27,061.04 -- a rise of 65.17 points, or 0.24 per cent. It had lost almost 324 points in previous three sessions on caution due to worries over early Fed rate hikes, among others.

The 50-issue NSE Nifty reclaimed 8,100 level by recovering 19.80 points, or 0.24 per cent, to end at 8,105.50. It had shed over 88 points in previous three days.

Cipla, Bharti Airtel, Maruti, Sesa Sterlite and Hero Motocorp were top gainers in the Sensex.

Among the top losers were Sun Pharma, Hindalco, Tata Power, NTPC and BHEL.

Markets end at record closing high; oil & gas, banks surge

The Nifty resumed its upward journey after two-day break and ended at record closing high on the back of strong inflows from foreign institutional investors.

The FIIs have pumped in $740 million in Indian equities last week while year-to-date they have invested massive $13.9 billion.

Goldman Sachs has rolled its 12-month target for Nifty to September 2015 (from June 2015) and Nifty updated target to 9,000 from 8,600 earlier.

The 50-share index ended at all-time closing high of 8,173.90, up 87.05 points or 1.08 per cent. It touched all-time high of 8,180.20 and an intraday low of 8,126.15 in trade today.

The S&P BSE Sensex ended at all-time closing high of 27,319.85, up 293.15 points or 1.08 per cent. It touched all-time high of 27,354.99 and a low of 27,144.56 today.

Nifty breaches 8,000-mark for first time, Sensex hits new peak; top 20 bets

The 50-share Nifty Index managed to scale past its crucial psychological level of 8,000 for the first time in trade on Monday.

The BSE Sensex also logged a new peak of 26,854.55 on the back of positive economic growth data for the April-June quarter.

India's economy expanded at its fastest pace in more than two years in the April-June quarter. India's GDP grew at 5.7 per cent in the first quarter of 2014-15, exceeding expectations.

Global investment bank, BofA-ML is of the view that corporate earnings and markets are set to double in the next 4 years.

"We continue to reinforce our message that earnings are set to double over next 4 years to FY18 and market returns could mirror earnings growth," said Jyotivardhan Jaipuria, Research Analyst at DSP Merrill Lynch (India) and Anand Kumar of DSP Merrill Lynch.

Nifty can surpass 8K, see 15% earnings growth mid-term: UBS

Chhaochharia said that he is confident of inflation coming down to 6 percent and expects RBI to keep monetary environment reasonable. He sees the central bank keeping policy rates on hold till late FY15.

The markets opened strong Thursday with Nifty being just a few points away from the historic high of 8000. Gautam Chhaochharia, Head of India Research at UBS Securities, who was among the first to set Nifty target of 8000 for 2014-end, said the 50-share index has the potential to overshoot the mark.

In an interview to CNBC-TV18, Chhaochharia said he sees a 15-16 percent earnings growth in the medium term (over the next 2 years).

In its India Strategy note, UBS maintains a bullish view on Indian markets, though sees a possibility of near-term consolidation. It said that lower risk-free rates may support overall higher market valuations, but growth outlook remains critical for re-rating.

Chhaochharia said that he is confident of inflation coming down to 6 percent and expects RBI to keep monetary environment reasonable. He sees the central bank keeping policy rates on hold till late FY15.

UBS will continue to be buyers in cyclicals and like financials and PSU oil companies, he said. “Like HDFC Bank and Axis Bank from the banking space, Shriram Transport , Cholamandalam Finance and LIC Housing Finance from NBFCs.”

From the oil and gas space, UBS likes ONGC and Reliance Industries .
On the recent Supreme Court verdict, terming all coal block allocations since 1993 as illegal, Chhaochharia said the government’s reaction to apex court’s order will be watched. Hoe however does not see wholesale deallocation of coal blocks.

Chandrayaan-2 to be launched during 2017

Chandrayaan-2, the country's second lunar exploration mission, would be launched during 2017, M Annadurai, project director of Chandrayaan-1 and Chandrayaan 2, today said.

Chandrayaan-I, India's first mission to Moon, was launched successfully on October 22, 2008 from Sriharikota.

Annadurai was answering questions from students while taking part in the Salem High School Diamond Jubilee celebrations.

Students also posed questions to him relating to the Mars Orbiter Mission which was launched from Sriharikota in Andhra Pradesh on board the PSLV on November 5 last year with an aim to reach the red planet's atmosphere by September 24.

India's first ethanol-fuelled bus

The country's first ethanol-run bus was launched on a trial basis in Nagpur on August 22. The bus has been manufactured by Scania, the Sweden-based commercial vehicle and engine maker.
The test run of ethanol-run bus would be for one year and teams from Pune-based Automotive Research Association of India, NMC and MoRTH will maintain data.

According to Gadkari, four states Uttar Pradesh, Maharashtra, Karnataka and Tamil Nadu will be the major beneficiaries from the project as they produce ethanol in large quantities.

RBI shuts overseas payment gateway for credit card transactions within India

The Reserve Bank of India moved to close a loophole on Friday, saying that the rules need to be followed with respect to e-commerce credit card transactions "essentially taking place between two residents in India". This means that companies such as Uber will need to follow the two-step authentication process that it was able to circumvent by virtue of having an overseas payment gateway. Its rivals welcomed the move.

The central bank told banks to ensure that payments should be in rupees in instances when the credit card is not presented physically. "It was clarified that the mandate shall apply to all transactions using cards issued in India for payments on merchant sites where no outflow of foreign exchange is contemplated," RBI said in a note to banks on Friday.

The RBI clarification will have an immediate impact on the hotly contested taxi business, especially Uber, which has rapidly gained users in India. The San Francisco company has so far been able to charge credit cards of users without authentication. Uber users are automatically charged at the end of their ride based on card details stored at the time of enrollment. That's because authentication doesn't apply when making purchases from websites overseas. The central bank has now closed that loophole.

Record high: Nifty ends above 7900, banks soar, IT rallies

The 50-share Nifty index managed to hit a fresh record high of 7929.05 on 22 August 2014, while the Sensex recorded its fresh lifetime high of 26,508.27 on 19 August 2014.

Tech Mahindra and HCL Technologies topped the buying list in the Nifty, up 3.66 percent and 3 percent, respectively followed by Hindalco Industries, State Bank of India, PNB, Infosys, HDFC Bank and Axis Bank with 1-2.6 percent.

However, the broader trend remains to be on the upside. Given the momentum that we have seen in the Indian markets, analysts see the Nifty touching 8000-8200 levels by December-end.
And for the Sensex, the rally may extend to 27000-28000 in the same period, but beyond that the market would require additional triggers to move forward.

Gold demand falls in Q2 as jewellery, bar sales slide: WGC

Global gold demand fell in the second quarter, the World Gold Council said on Thursday, as a plunge in jewellery, coin and bar sales from last year's record levels outweighed lower liquidation of gold-backed exchange-traded funds.

Demand fell 16 per cent in the April to June period to 964 tonnes, with jewellery offtake, the largest single segment of gold demand, down 30 per cent, while coin and bar buying tumbled 56 per cen

China and India between them accounted for over half of the year-on-year decline in bar and coin demand, the WGC said. Indian bar and coin investment, which has been curbed by import restrictions this year, fell by two-thirds to less than 50 tonnes, while jewellery sales were down 18 per cent.

In the full year, Indian demand is expected to decline to 850-900 tonnes, Grubb said, while buying in China, the world's largest gold market, is seen falling to 900-1,000 tonnes.

Chinese bar and coin demand fell 64 per cent in the second quarter, while jewellery demand was down 45 per cent from last year's record levels.

Nifty races towards 7800; GAIL up 3%, Hero drags 3%

The market is maintaining its uptrend with Nifty inches towards 7800. The 50-share index is up 30.75 points at 7770.30. The Sensex is up 115.91 points at 26034.86. About 1129 shares have advanced, 1073 shares declined, and 98 shares are unchanged.

GAIL, Sesa Sterlite, Hindalco, ICICI Bank and Sun Pharma are top gainers in the Sensex. Among the losers are Hero Motocorp, HDFC, Bajaj Auto, Tata Steel and Wipro.

Asian shares pushed higher after a flood of soft economic data led investors to wager on a ceaseless fountain of stimulus from major central banks, sending bond yields tumbling across the globe.

Microsoft may become first MNC to set up cloud data centre in India

Microsoft said it is considering setting up its first data centre in India — the fastest growing cloud market for the software giant. The company will become the first multinational to set up a data centre in the country if the plans fructify.

"We are considering a data centre in India. There are a lot of different companies that are looking at cloud right now, in anticipation that Microsoft will somehow figure out how to get that work," said Jim Dubois, corporate VP and CIO at Microsoft. Currently, the company offers cloud computing services to Indian customers through its global data centres.

However, RBI guidelines prohibit storing any customer data outside of India, which limits cloud adoption by financial services company. Cloud services are the fastest growing segment for Microsoft, though it contributes less than 5% to Microsoft's overall revenue as of now. "It (cloud services) is growing double, triple digit every month, not every year," Dubois said. According to Gartner, public cloud services market in India is expected to grow from $423 million ( Rs 2,550 crore)in 2013 to $1.3 billion ( Rs 7,800 crore) in 2017. Gartner expects India to be the fastest growing market for cloud adoption globally.

Despite this, none of the large cloud computing companies, including Amazon, Google and Microsoft, has so far built a local data centre. Microsoft has 13 data centres globally to serve its cloud services while Amazon has eight and Google 12. In Asia, all three companies have data centres in Singapore, but none in Mainland China or India.

Tata group to invest $35 billion in 3 years; FY14 revenue tops $100 billion

Tata group will invest $35 billion in the next three years as part of its vision 2025 by when it expects to achieve market capitalisation comparable to the world's top 25 companies.

Addressing the Tata group's Annual Leadership Conference in Mumbai this evening, Tata group Chairman Cyrus Mistry laid out the road map for the diversified conglomerate, which saw its total revenue crossing the USD 100 billion mark again in 2013-14.

"The Tata group's Vision 2025 is: '25 per cent of the world's population will experience the Tata commitment to improving the quality of life of customers and communities. As a result, Tata will be amongst the 25 most admired corporate and employer brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world," the spokesperson said.

The group centre will also focus on companies which are world class and, where necessary, facilitate creation of new companies.

Tata group's total revenue grew by 18.5 per cent in 2013-14 at Rs Rs 6,24,757 crore (USD 103.27 billion).

Tata companies have operations in more than 100 countries across six continents, and export products and services to over 150 countries.

India and Russia hold major consultation to set up 22 nuclear power projects in India

India and Russia held major consultation in the realm of nuclear research away from the public eye ahead of Prime Minister Narendra Modi's meeting with President Vladimir Putin in Brazil in July.

Nuclear energy was a key element at Modi-Putin talks. Both countries are discussing to set up Russian assisted 22 nuclear power projects in India.

The forum was participated by more than 60 leading reserchers from JINR member states and 20 reputed experts from leading scientific research institutions of India, in particular from TIFR (Mumbai), IMSc (Chennai), IISc (Bangaluru), IOP (Bhubaneswar), IACS (Kolkata), Calcutta University, BARC (Mumbai). Currently there were two Indian scientists who are working at JINR as employees.

JINR comprises seven Laboratories, each being comparable with a large institute in the scale and scope of investigations performed.

JINR has at present 18 Member States: Armenia, Azerbaijan, Belarus, Bulgaria, Cuba, Czech Republic, Georgia, Kazakhstan, D. P. Republic of Korea, Moldova, Mongolia, Poland, Romania, Russia, Slovakia, Ukraine, Uzbekistan, and Vietnam. Participation of Egypt, Germany, Hungary, Italy, the Republic of South Africa and Serbia. This is on based on bilateral agreements signed on the governmental level.

Analysts mixed on Wipro post Q1 results; stock may still rally over 20%

Analysts at top brokerage firms have mixed views after India's third largest software company grew by 1.2 per cent sequentially, which was not only well short of the industry average but even that of underperforming rival Infosys.

Out of the ten brokerage firms, only two of them have a 'buy' rating on the stock. UBS has a target price of Rs 635, while Prabhudas Lilladher has a 12-month target price of Rs 680, which translates into an upside of nearly 23 per cent from Friday's closing price of Rs 550.35.

"We see WiproBSE -4.59 % in an early stage of re-rating cycle as visibility for growth improves. Retain "BUY" rating, with a target price of Rs680, 16x FY16E earnings estimate," he added.

Gold falls below $1,300 as equities gain; physical buying picks up

Gold broke below the key psychological level of $1,300 an ounce on Thursday as safe-haven demand for the metal eased due to rising Asian equities and strong Chinese manufacturing data.

Physical demand in the region, however, increased slightly on the lower prices, with premiums in the biggest bullion consumer China edging up on buying interest.

Spot gold fell 0.6 per cent to $1,296.50 an ounce by 0319 GMT, after dipping 0.2 per cent in the previous session. US gold slid about $7 to $1,297.80.

Asian stock markets edged broadly higher on Thursday as China's factory activity expanded at its fastest pace in 18 months in July, bolstering hopes for recovery in the world's second-biggest economy.

Gold had recently seen support build around the $1,300 level on deepening violence in the Middle East and Ukraine that burnished its safe-haven appeal. The metal is seen as an alternative investment to riskier assets such as equities during times of uncertainties.

Gold tumbles on global cues; silver ends lower

Gold prices plunged by Rs 275 to Rs 28,200 per ten gram in the national capital today on stockists selling, tracking a weak global trend.

Besides, subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices, traders said

Silver also declined by Rs 200 to Rs 45,200 per kg on weak demand from industrial units and coin makers.

In Delhi, gold of 99.9 and 99.5 per cent purity lost Rs 275 each at Rs 28,200 and Rs 28,000 per ten gram respectively, while sovereign eased by Rs 100 at Rs 24,800 per piece of eight gram.

In a similar fashion, silver ready traded lower by Rs 200 to Rs 45,200 per kg and weekly-based delivery by Rs 175 to Rs 44,910 per kg. Silver coins also dropped by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

Sensex ends above 26,000-mark; Nifty closes at 7,767.85

The S&P BSE Sensex rallied over 300 points in trade on Tuesday to end above its crucial psychological resistance level of 26,000.

In the short term as well, post Budget, the S&P BSE Sensex has gained a little over 3 per cent, including Tuesday's intraday movement, making it one of the best performing markets in the world, just below Brazil (IBOVESPA), which surged over 5 per cent in the same period.

The BSE Sensex closed at 26,025.80 up 310.63 points. It hit a day high of 26,050.38 and low of 25,780.39 in trade today.

The 50-share Nifty index closed at 7,767.85 up 83.65 points. It hit a day high of 7,773.85 and low of 7,704.80 in trade today.

Crude oil prices firm up on geopolitical tensions

Crude oil prices rose by 0.56 per cent to Rs 6,256 per barrel today after participants indulged in creating speculative positions, tracking a firming trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in July traded Rs 35, or 0.56 per cent higher at Rs 6,256 per barrel, with a business turnover of 1,128 lots.

The oil for August also moved up by Rs 25, or 0.40 per cent, to Rs 6,205 per barrel, with a business volume of 154 lots.

Market analysts attributed the rise in crude oil futures to a firming trend in Asia after a Malaysia Airlines plane was reportedly shot down in war-ravaged Ukraine and Israel launched a ground offensive into Gaza, sparking fears of tensions in the crude-rich Middle East.

Budget 2014: Finance Minister's budget is pragmatic, lays out road map for reforms & policy, say brokers

Brokerages have generally applauded the Narendra Modi government's first budget, seeing it as an attempt to give direction to the economy while grappling with fiscal constraints, although the stock markets don't seem to be entirely convinced.

The emphasis on fiscal consolidation and manufacturing, the signals on tax administration and the road map for the years ahead have been seen as positive.

Mayaram said the budget, which Finance Minister Arun Jaitley announced in Parliament on July 10, contained several positive elements in the details and that it will spur manufacturing and lead to a revival in growth, which has been below 5% for the past two years. Getting the economy moving again is one of the key tasks of the Modi government.

Sensex makes life high at 25,789; Nifty zips past 7,700; top bets

Adani group stocks saw buying interest ahead of NDA government's first Budget (on July 10). Adani Enterprises surged nearly 6 percent, Adani Power jumped 3 percent and Adani Ports spiked 10 percent.

The government is likely to focus on four themes in the Budget, says the Barclays note to clients. These are 1) long-term improvement in fiscal position; 2) improving the investment climate in the country; 3) controlling inflation; and 4) tax reforms.

Sensex, Nifty hit fresh lifetime high; top ten stocks in focus

The S&P BSE Sensex rallied over 250 points to hit its fresh lifetime high on Wednesday, led by gains in ICICI BankBSE 1.34 %, HDFC, L&T and Reliance IndustriesBSE 1.42 %.

Tracking the momentum, the 50-share Nifty index also rallied to hit its fresh record high.

Sensex up 102 pts; Hindalco up 7%, Maruti soars 6%, IT weak

Hindalco was up 7 percent as CLSA upgraded the stock with a bullish target that it will double in four years. Maruti rose 6 percent on the back of its June sales data. Tata Motors, M&M and Tata Steel are other top gainers in the Sensex. IT stocks were under severe selling pressure. Wipro, TCS, Sun Pharma, NTPC and Reliance were major laggards.

Gold, silver rebound on global cues

After four days of losses, gold staged a strong comeback to trade Rs 255 higher at Rs 28,730 per ten gram in the national capital today on emergence of buying by stockists and retailers at existing levels amidst a firming global trend.

Silver also moved up by Rs 500 to Rs 45,300 per kg on increased offtake by industrial units and coin makers.

Rupee recovers after hitting 1-week low, good inflows seen

The rupee hit a one-week low on Wednesday, weighed down by losses in other Asian currencies and shares but good dollar inflows for a share sale helped the unit recover to end marginally higher on the day.

Foreign funds have bought shares worth $2.3 billion and debt worth $2.98 billion so far in June, taking total inflows in the year to $9.9 billion and $10.6 billion in each of the two segments.

Most emerging Asian currencies eased on expectations of higher dollar demand for oil imports given worries that the intensifying Iraq crisis will disrupt crude supplies from the world's second-largest OPEC producer.

India imports two-thirds of its oil needs and higher crude prices can affect the country's current account deficit, while also pushing up domestic inflation.

Traders expect the market to be range-bound until the federal budget on July 10.

Sensex ends at 25,313 down 55 points; Nifty at 7,569

The benchmark Sensex today closed 55.16 points lower at 25,313.74 on caution ahead of monthly derivatives expiry and volatile global oil prices due to continued violence in crude producer Iraq.

The 50-scrip NSE index Nifty shed 10.95 points, or 0.14 per cent, to end at 7,569.25 after touching day's high of 7,589.25. Intra-day, it hit a low of 7,557.05.

Govt mulls LPG, kerosene price hike in small doses

Following the diesel model, the oil ministry is now proposing monthly increases in LPG and kerosene rates, sources privy to the development said.

After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs 5 per cylinder and Rs 0.50-1 a litre every month to wipe out Rs 80,000 crore subsidy on the two fuels. The previous UPA government had in January 2013 decided to raise diesel prices by up to 50 paisa litre every month. But for aberrations on two occasions, the monthly increases have taken place regularly to trim subsidy on diesel to an just Rs 1.62 a litre. This too looks set to be wiped off to make the fuel deregulated or free, with the new government continuing with the UPA decision.

Following the diesel model, the oil ministry is now proposing monthly increases in LPG and kerosene rates, sources privy to the development said. Subsidy on LPG currently is a staggering Rs 432.71 per14.2-kg cylinder and at Rs 5 per month increase it will take 7 years to wipe out the subsidy. Sources said the ministry is of the view that the monthly increases can be as high as Rs 10 if the political leadership takes a stand.

On kerosene, the subsidy currently is Rs 32.87 per litre and at Re 1 hike per month it would take more than two-and-a- half years to wipe out the subsidy. Fuel subsidy, they said, is the biggest drain on the exchequer. In the current fiscal, subsidy on diesel, LPG and kerosene is estimated at Rs 115,548 crore. Of this, LPG accounts for Rs 50,324 crore and kerosene Rs 29,488 crore.

Sensex soars 338pts, clocks highest turnover; GAIL, HDFC up

GAIL pocketed 4 percent gains while HDFC was up 3 percent, followed by BHEL, SBI and Axis Bank. Among the losers were Sun Pharma, Infosys and Wipro.

After a sedate start, bulls came to the party in the second half of the session. At Rs 6.86 lakh crore, equity market also recorded its highest turnover ever. F&O volumes on the BSE today were higher than the NSE.

The Sensex rallied 337.58 points or 1.35 percent at to end at 25368.90 while the Nifty closed up 86.85 points or 1.16 percent at 7580.20.

About 2044 shares have advanced, 987 shares declined, and 121 shares were unchanged. The midcaps continued to perform better than the blue chip stocks. The midcap index surged over 170 points.

Sensex loses 96 pts, Nifty tad above 7500; Tata Power, M&M fall 3%

SBI, United Spirits, Infosys most active; Sensex volatile
Reliance Capital, United Spirits, Godrej Consumer, SBI, ONGC, ICICI Bank, Jaiprakash Associates and Infosys were the most active shares on exchanges.

The market saw a gap down closing with Nifty just above the 7500-level. The Nifty was down 29.25 points at 7511.45 while the Sensex was down 96.29 points at 25105.51. Axis Bank, Bajaj Auto,Bharti Airtel, Tata Steel and Coal India were top gainers in the Sensex. Among the losers were Tata Power, M&M, Hindalco, Sun Pharma and SBI.

Iraq boils over: Sensex crashes about 400 points, rupee hits 60.32 vs US dollar

The S&P BSE Sensex broke out of narrow range and plunged sharply following basket-selling in index stocks triggered by tension in Iraq. Equity benchmarks extended losses in noon trade with the Sensex falling over after a media report suggested that militants launched an assault on Iraq's main oil refinery.

At 12:45 p.m.; the 30-share index was at 25,157.96, down 363.23 points or 1.42 per cent. It touched intraday high of 25,609.28 and a low of 25,157.43 in trade today.

The Nifty was at 7,521.40, down 110.30 points or 1.45 per cent. It touched intraday high of 7,663 and a low of 7,520.05 in trade today.

Gold slips ahead of Fed meet; fund outflows weigh on sentiment

Gold fell further from a three-week high on Tuesday as investors withdrew money from the top bullion fund at the fastest pace in two months and as markets nervously waited for a Federal Reserve meeting this week.

Spot gold fell 0.6 per cent to $1,264.30 an ounce by 0649 GMT. The metal hit a three-week top of $1,284.85 on Monday before closing down 0.4 per cent on profit taking.

Rupee spike short-term; fair value at 60-61/USD: JP Morgan

The rupee may spike up to 62 a dollar if Brent crude breaks USD115-120, says Brijen Puri, head of markets at JP Morgan. But the disruptions are short-term in nature as fundamentally nothing has changed, he said. He, however, calls this disruption short-term as geo political problems never had long-term repercussion on India. Fundamentally, we are on strong footing, he told CNBC-TV18 in an interview.

Nifty ends above 7500; TCS up 2%, banks & infra drag

Not much of action was seen on Dalal Street today except a bit of profit booking. The Sensex was down 37.69 points at 25190.48 and the Nifty was down 8.55 points at 7533.55. GAIL, TCS, Sun Pharma, Infosys and BHEL were top gainers in the Sensex. Among the losers were Axis Bank, M&M, L&T, HDFC and Tata Motors.

MCX Goldm August contract gains
Goldm prices on MCX were trading higher. MCX Goldm August contract was trading at Rs 27060 up Rs 286, or 1.07 percent. The GOLDM rate touched an intraday high of Rs 27180 and an intraday low of Rs 26900. So far 1688 contracts have been traded. GOLDM prices have moved down Rs 1484, or 5.20 percent in the August series so far.

Iraq fallout: Rupee@60, gold futures sail past 27000, oil above $113

The concerns are visible as the Sensex is down on profit booking, rupee has corrected to 60 per dollar and gold prices have shot up.

The potential escalation of the ongoing crisis in Iraq, which reported 3.3 mn b/d of oil production in May 2014, may impact global oil supplies meaningfully
Crude Oil Futures rose for fourth straight session on the back of violence in Iraq. Crude Oil Futures gained 4.1 per cent last week, its best weekly gains this year. Brent crude rose above $113 per barrel to near a nine-month high today
According to analysts, Brent Futures is seen topping at $116 per barrel if Iraq conflict heightens.

The Brent Crude oil surged to above $113.10 per barrel in today's session.

The Indian rupee is Asia's worst performing currency and has corrected 1.5 per cent in the five days as escalating violence in Iraq led was forcing investors to move away from risky assets.